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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

For financial reporting purposes, income (loss) before income taxes includes the following components:

						Years Ended December 31,
(in thousands)						2022						2021						2020
United States						$	(343,424)					$	(333,571)					$	(365,332)
Foreign						101,385						92,017						91,078
Total						$	(242,039)					$	(241,554)					$	(274,254)

Schedule of Income Tax Expense (Benefit)

Following were the components of income tax expense (benefit) for the years ended December 31, 2022, 2021, and 2020:

						Years Ended December 31,
(in thousands)						2022						2021						2020
Current
Federal						$	—					$	—					$	—
State						6						15						11
Foreign						(5,760)						8,857						4,163
Deferred
Federal						274						—						(1,421)
State						9						34						(155)
Foreign						—						—						—
Total						$	(5,471)					$	8,906					$	2,598

Schedule of Reconciliation of the Statutory Tax Rates and the Effective Tax Rates

A reconciliation of the statutory tax rates and the effective tax rates for the years ended December 31, 2022, 2021, and 2020 are as follows:

						Years Ended December 31,
						2022						2021						2020
Statutory rate						(21)		%				(21)		%				(21)		%
Tax credits						(11)						(9)						(7)
Impact of foreign operations						18						3						4
Other						3						3						2
Valuation allowance						9						28						23
Net						(2)		%				4		%				1		%

Schedule of Significant Components of the Deferred Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities are as follows:

						Years Ended December 31,
(in thousands)						2022						2021
Deferred tax assets
Intellectual property						$	68,567					$	105,453
Research tax credit						223,366						205,095
Capitalized research and development costs						29,317						—
Net operating loss carry forwards						315,444						334,762
Share-based compensation						16,417						11,779
Interest carry forward limitation						12,558						8,285
Lease liability						11,428						9,105
Inventory						10,400						—
Other						20,109						17,748
Gross deferred tax assets						707,606						692,227
Deferred tax liabilities
Business acquisition						(4,939)						(4,930)
Royalty payable						(68,567)						(105,453)
Other						(6,806)						(4,932)
Total net deferred tax assets						627,294						576,912
Less: valuation allowance						(632,233)						(581,842)
Net deferred tax liability						$	(4,939)					$	(4,930)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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